Transpay, known as a B2B and B2P cross-border payments outlet, recently announced that its services had branched out to include local bank transfer deposits in Morocco.
Transpay clients will soon be able to send their country’s currency payments to individuals’ bank accounts in Moroccan Dirham. Boasting one of the continent’s highest internet penetration rates, Morocco is a sprawling digital market for the freelance, travel, and ecommerce spaces.
“The addition of dirham payments by Transpay enhances these efforts by enabling a freer flow of funds into Morocco, fostering and supporting entrepreneurial growth.”
The export market for craftwork service, valued at over 41.5 million in 2014 based on findings of the Financial Times, continues to grow as sellers leverage online marketplaces granted by Moroccan National Federation of Ecommerce in addition to privately held companies.
“The efforts of both the private and public sector are helping to create the necessary infrastructure to grow the digital economy to Morocco,” says Samish Kumar, CEO of Transfast, the parent company of Transpay. “The addition of dirham payments by Transpay enhances these efforts by enabling a freer flow of funds into Morocco, fostering and supporting entrepreneurial growth.”
Via Transpay, businesses are empowered by their ability to send mass payouts to any bank throughout Morocco without the pain of high fees and discrepancies attributed to traditional cross border payments. Moroccan dirham is now an accessible payout currency throughout the Transpay suite of products — this also includes the Mass Pay API.